Reporte Costos Agosto11-Manager Report V2.

xlsx 12/09/2011

Mine Maintenance Summary Opex Cost Report - Update August 2011

P10e Budget Comparison

Budget p10e Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
P10e Budget Actual Variations P10e Budget Actual Variations P10e Budget Actual Variations p10e Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Fleet-Mine Maintenance
Administration 864,679 939,478 -74,799 -9% 128,993 139,053 -10,060 -8% 993,672 1,078,532 -84,859 -9% 1,526,592 65% 71% -6%
Support & Facilities 4,826,911 5,335,521 -508,610 -11% 577,915 892,824 -314,909 -54% 5,404,825 6,228,345 -823,519 -15% 7,980,406 68% 78% -10%
Drilling-Fleet 3,614,935 4,390,291 -775,355 -21% 421,652 523,627 -101,975 -24% 4,036,588 4,913,918 -877,330 -22% 5,973,087 68% 82% -15%
Loading-Fleet 14,608,290 13,879,272 729,017 5% 2,251,597 1,467,218 784,378 35% 16,859,886 15,346,491 1,513,396 9% 25,617,407 66% 60% 6%
Hauling-Fleet 33,214,321 32,424,267 790,054 2% 5,457,914 4,336,893 1,121,021 21% 38,672,235 36,761,160 1,911,075 5% 55,711,223 69% 66% 3%
Mine Auxiliary-Fleet 10,076,111 9,958,119 117,992 1% 1,195,229 1,549,763 -354,534 -30% 11,271,340 11,507,882 -236,541 -2% 16,487,656 68% 70% -1%
Process-Mobil Equipment 449,548 555,033 -105,486 -23% 149,565 51,494 98,071 66% 599,112 606,527 -7,415 -1% 859,157 70% 71% -1%
Maintenance Cost 67,654,795 67,482,052 172,743 0% 10,182,864 8,960,873 1,221,992 12% 77,837,659 76,442,925 1,394,734 2% 114,155,527 68% 67% 1%
Labor Cost 17,814,572 20,654,171 -2,839,599 -16% 2,398,083 2,291,775 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
ETO Project -24,486,767 -21,782,971 -2,703,796 11% -4,526,708 -5,525,109 998,402 -22% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Component Capital -2,157,766 -16,802,857 14,645,092 -679% -482,174 -1,394,539 912,365 -189% -2,639,939 -18,197,396 15,557,457 -589% -4,598,530 57% 396% -338%
Total Mine Maintenance Cost 58,824,834 49,550,395 9,274,439 16% 7,572,066 4,333,000 2,949,670 39% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

f11b Forecast Comparison

Budget F11b Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense

Sub-total Labor 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
Sub-total Materials 26,852,019 26,022,904 829,115 3% 4,252,528 4,426,247 -173,718 -4% 31,104,548 30,449,151 655,397 2% 47,016,593 66% 65% 1%
Sub-total Contract Services 24,698,003 24,373,183 324,820 1% 3,773,992 3,140,087 633,905 17% 28,471,995 27,513,270 958,724 3% 43,006,753 66% 64% 2%
Sub-total Others 259,421 283,108 -23,686 -9% 94,162 94,162 100% 353,583 283,108 70,476 20% 562,043 63% 50% 13%
Sub-Total Allocations (ETO) -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Total 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Summary by Fleet-Mine Maintenance

Administration 948,654 939,478 9,176 1% 240,822 139,053 101,768 42% 1,189,476 1,078,532 110,944 9% 1,863,182 64% 58% 6%
Support & Facilities 5,364,168 5,335,521 28,647 1% 897,869 892,824 5,045 1% 6,262,036 6,228,345 33,692 1% 9,972,661 63% 62% 0%
Drilling-Fleet 4,040,900 4,390,291 -349,390 -9% 544,842 523,627 21,215 4% 4,585,743 4,913,918 -328,175 -7% 6,865,021 67% 72% -5%
Loading-Fleet 13,841,119 13,879,272 -38,154 0% 2,564,161 1,467,218 1,096,943 43% 16,405,280 15,346,491 1,058,789 6% 25,349,966 65% 61% 4%
Hauling-Fleet 36,503,993 32,424,267 4,079,726 11% 4,875,476 4,336,893 538,583 11% 41,379,469 36,761,160 4,618,309 11% 60,588,274 68% 61% 8%
Mine Auxiliary-Fleet 10,355,823 9,958,119 397,705 4% 1,578,633 1,549,763 28,870 2% 11,934,456 11,507,882 426,574 4% 18,030,975 66% 64% 2%
Process-Mobil Equipment 501,487 555,033 -53,546 -11% 117,469 51,494 65,975 56% 618,956 606,527 12,429 2% 1,004,083 62% 60% 1%
Maintenance Cost 71,556,145 67,482,052 4,074,093 6% 10,819,271 8,960,873 1,858,398 17% 82,375,416 76,442,925 5,932,491 7% 123,674,161 67% 62% 5%
Labor Cost 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
ETO Project -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Component Capital -19,746,702 -16,802,857 -2,943,845 15% -2,698,589 -1,394,539 -1,304,050 48% -22,445,290 -18,197,396 -4,247,894 19% -33,088,772 68% 55% 13%
Total Mine Maintenance Cost 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Mine Maintenance Opex_ YTD Variation

August 2011
236,541
823,519

84,859

7,415
877,330
1,705,395

75,000,000
2,733,291

70,000,000
4,247,894

65,000,000
328,175
33,692
110,944

12,429
13,423
426,574
1,058,789

60,000,000
US$

2,343,535
66,396,900

15,557,457

55,000,000
1,911,075

4,618,309
1,513,396

57,924,950
53,883,395

50,000,000

45,000,000

P10e Budget f11b Forecast

40,000,000
p10e Budget

Drilling-Fleet

Mine Auxiliary-Fleet

Mine Auxiliary-Fleet

Drilling-Fleet

f11b Forecast
Administration

Process-Mobil

Component Capital

ACTUAL

Administration

Process-Mobil

Component Capital
Labor Cost

ETO Project

Support & Facilities

Hauling-Fleet

Loading-Fleet

Hauling-Fleet

ETO Project

Loading-Fleet

Support & Facilities

Labor Cost
Equipment

Equipment

US$ Budget Acumulated p10e vs f11b vs Actual % Variation Budget p10e vs f11b vs Actual
August-2011 August-2011

120,000.00
100.00%

90.00%
100,000.00
80.00%
Thousands US$

70.00%
80,000.00
60.00%

50.00%
60,000.00

40.00%

40,000.00 30.00%

20.00%

20,000.00
10.00%

0.00%
ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
0.00 ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11 % Budget p10e 8.5% 16.9% 25.2% 33.0% 40.1% 47.5% 54.2% 61.1% 69.8% 78.6% 88.4% 100.0%
Budget p10e 9,189,536 18,310,328 27,356,382 35,838,866 43,602,574 51,597,877 58,824,834 66,396,900 75,836,286 85,369,821 96,030,241 108,623,330 % Forecast f11b 9.3% 15.7% 24.9% 32.4% 35.8% 39.6% 44.5% 49.9% 55.3% 61.0% 67.4% 74.6%
f11b Acum 10,102,228 17,039,345 27,080,477 35,219,486 38,871,937 43,045,614 48,322,428 54,182,468 60,025,058 66,216,253 73,159,899 80,995,426
%Current Advance 9.3% 15.7% 22.5% 29.5% 36.2% 41.3% 45.6% 49.6%
Actual 10,102,228 17,039,345 24,483,823 32,051,151 39,270,547 44,820,420 49,550,395 53,883,395

Page 1
Reporte Costos Agosto11-Manager Report V2.xlsx 12/09/2011

Labor Cost Report Update August 2011

P10e Budget Comparison

Budget p10e Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
P10e Budget Actual Variations P10e Budget Actual Variations P10e Budget Actual Variations p10e Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Maintenance Cost 67,654,795 67,482,052 172,743 0% 10,182,864 8,960,873 1,221,992 12% 77,837,659 76,442,925 1,394,734 2% 114,155,527 68% 67% 1%
Labor Cost 17,814,572 20,654,171 -2,839,599 -16% 2,398,083 2,291,775 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
ETO Project -24,486,767 -21,782,971 -2,703,796 11% -4,526,708 -5,525,109 998,402 -22% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Component Capital -2,157,766 -16,802,857 14,645,092 -679% -482,174 -1,394,539 912,365 -189% -2,639,939 -18,197,396 15,557,457 -589% -4,598,530 57% 396% -338%
Total Mine Maintenance Cost 58,824,834 49,550,395 9,274,439 16% 7,572,066 4,333,000 2,949,670 39% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

f11b Forecast Comparison

Budget F11b Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Maintenance Cost 71,556,145 67,482,052 4,074,093 6% 10,819,271 8,960,873 1,858,398 17% 82,375,416 76,442,925 5,932,491 7% 123,674,161 67% 62% 5%
Labor Cost 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
ETO Project -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Component Capital -19,746,702 -16,802,857 -2,943,845 15% -2,698,589 -1,394,539 -1,304,050 48% -22,445,290 -18,197,396 -4,247,894 19% -33,088,772 68% 55% 13%
Total Mine Maintenance Cost 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Mine Maintenance Opex_ YTD Variation

August 2011
236,541
823,519

84,859

7,415
877,330
1,705,395

75,000,000
2,733,291

70,000,000

4,247,894
65,000,000

328,175
33,692
110,944

12,429
13,423
426,574
1,058,789
60,000,000
US$

-
2,343,535
15,557,457 -
66,396,900

1,911,075-

55,000,000
1,513,396 -

4,618,309

57,924,950
53,883,395

50,000,000

45,000,000

40,000,000
p10e Budget

Labor Cost

ETO Project

Drilling-Fleet

Support & Facilities

Mine Auxiliary-Fleet

Hauling-Fleet

Loading-Fleet

Hauling-Fleet

ETO Project

Loading-Fleet

Mine Auxiliary-Fleet

Support & Facilities

Labor Cost

Drilling-Fleet

f11b Forecast
Administration

Process-Mobil

Component Capital

ACTUAL

Administration

Process-Mobil

Component Capital
Equipment

Equipment
Labor % Variation Budget p10e vs f11b vs Actual
Labor Budget p10e vs f11b vs Actual August - 2011
August - 2011
40,000.00
100.00%
Thousands US$

90.00%

80.00%
30,000.00
70.00%

60.00%

20,000.00 50.00%

40.00%

30.00%

10,000.00 20.00%

10.00%

0.00%
ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
0.00
ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11 % Budget p10e 6.9% 15.0% 22.6% 29.8% 36.6% 43.5% 50.7% 57.5% 69.2% 81.4% 88.3% 100.0%
Budget p10e 2,431,014 5,254,449 7,929,209 10,473,281 12,869,647 15,267,305 17,814,572 20,212,655 24,307,328 28,578,385 31,003,667 35,127,134 % Forecast f11a 13.6% 22.8% 30.4% 37.2% 44.6% 51.0% 58.5% 65.4% 72.7% 81.0% 87.7% 95.3%
f11b Acum 4,764,180 7,995,333 10,667,373 13,077,712 15,659,773 17,929,967 20,557,227 22,959,369 25,526,435 28,448,592 30,821,662 33,493,477 %Current Advance 13.6% 22.8% 30.4% 37.2% 44.6% 51.0% 58.8% 65.3%
Actual 4,764,180 7,995,333 10,667,373 13,077,712 15,659,773 17,923,816 20,654,171 22,945,946

Labor Budget p10e vs f11a vs Actual

August - 2011
6,000

Labor YTD Variations per Cost Center

Thousands US$

4,000 ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 Total YTD Var
Variations p10e vs Actual
CC200XX1 - Mine Supervision/Administration - Maintenance 28,704 -25,161 -124,368 60,927 -105,870 -17,318 -140,165 -51,582 -374,834
CC208XX1 - Mant.Eq.Aux.e Inst. - Maintenance -203,412 -19,172 40,726 29,659 25,488 26,890 3,993 20,960 -74,868
CC210XX1 - Drilling - Maintenance -200,848 -50,241 3,733 -9,930 -3,801 2,755 -13,736 8,146 -263,921
CC230XX1 - Loading - Maintenance -187,537 569 56,868 39,191 30,642 51,066 27,051 28,661 46,511
CC240XX1 - Hauling - Maintenance -1,321,610 -228,489 20,836 -4,673 -27,337 50,164 -35,119 93,821 -1,452,406
CC250XX1 - Mine Auxiliary Equipment - Maintenance -448,463 -85,224 4,925 18,560 -104,816 20,056 -25,111 6,301 -613,773
2,000
Total variation -2,333,166 -407,718 2,720 133,733 -185,695 133,615 -183,088 106,308 -2,733,291

Variations f11b vs Actual

CC200XX1 - Mine Supervision/Administration - Maintenance -33,671 -129,948 -59,314 -222,933
CC208XX1 - Mant.Eq.Aux.e Inst. - Maintenance -1,892 -4,802 4,732 -1,963
CC210XX1 - Drilling - Maintenance 2,431 16,873 14,330 33,634
CC230XX1 - Loading - Maintenance 11,530 -28 -9,588 1,914
0 CC240XX1 - Hauling - Maintenance 19,742 21,576 132,192 173,510
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11
Budget p10e 2,431,014 2,823,435 2,674,760 2,544,072 2,396,366 2,397,658 2,547,267 2,398,083 4,094,673 4,271,057 2,425,282 4,123,467 CC250XX1 - Mine Auxiliary Equipment - Maintenance 8,012 -6,767 28,017 29,262
Forecast f11b 4,764,180 3,231,153 2,672,040 2,410,339 2,582,061 2,270,194 2,627,260 2,402,142 2,567,066 2,922,157 2,373,070 2,671,815 Total variation 6,151 -103,095 110,367 13,423
Actual 4,764,180 3,231,153 2,672,040 2,410,339 2,582,061 2,264,043 2,730,355 2,291,775

Page 2
Reporte Costos Agosto11-Manager Report V2.xlsx 12/09/2011

ETO Summary Opex Cost Report Update August 2011

P10e Budget Comparison

Budget p10e Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
P10e Budget Actual Variations P10e Budget Actual Variations P10e Budget Actual Variations p10e Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Maintenance Cost 67,654,795 67,482,052 172,743 0% 10,182,864 8,960,873 1,221,992 12% 77,837,659 76,442,925 1,394,734 2% 114,155,527 68% 67% 1%
Labor Cost 17,814,572 20,654,171 -2,839,599 -16% 2,398,083 2,291,775 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
ETO Project -24,486,767 -21,782,971 -2,703,796 11% -4,526,708 -5,525,109 998,402 -22% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Component Capital -2,157,766 -16,802,857 14,645,092 -679% -482,174 -1,394,539 912,365 -189% -2,639,939 -18,197,396 15,557,457 -589% -4,598,530 57% 396% -338%
Total Mine Maintenance Cost 58,824,834 49,550,395 9,274,439 16% 7,572,066 4,333,000 2,949,670 39% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

f11b Forecast Comparison

Budget F11b Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Maintenance Cost 71,556,145 67,482,052 4,074,093 6% 10,819,271 8,960,873 1,858,398 17% 82,375,416 76,442,925 5,932,491 7% 123,674,161 67% 62% 5%
Labor Cost 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
ETO Project -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Component Capital -19,746,702 -16,802,857 -2,943,845 15% -2,698,589 -1,394,539 -1,304,050 48% -22,445,290 -18,197,396 -4,247,894 19% -33,088,772 68% 55% 13%
Total Mine Maintenance Cost 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Mine Maintenance Opex_ YTD Variation

August 2011
236,541
823,519

84,859

7,415
877,330
1,705,395

75,000,000
2,733,291

70,000,000

4,247,894
65,000,000

328,175
33,692
110,944

13,423

12,429
426,574
1,058,789
60,000,000
US$

-
2,343,535
15,557,457 -
66,396,900

1,911,075-

55,000,000
1,513,396 -

4,618,309

57,924,950
53,883,395

50,000,000

45,000,000

40,000,000
p10e Budget

Labor Cost

Drilling-Fleet

Support & Facilities

Mine Auxiliary-Fleet

Hauling-Fleet

Hauling-Fleet

Mine Auxiliary-Fleet

Support & Facilities

Labor Cost

Drilling-Fleet

f11b Forecast
Administration

Process-Mobil

Component Capital

ACTUAL

Administration

Process-Mobil

Component Capital
ETO Project

Loading-Fleet

ETO Project

Loading-Fleet
Equipment

Equipment

US$ YTD ETO Project_Budget p10e vs f11b vs Actual ETO Project % Variation Budget p10e vs f11b vs Actual
August-2011 August-2011
40,000.00

100.00%

30,000.00 80.00%
Thousands US$

60.00%
20,000.00

40.00%

10,000.00 20.00%

0.00%
ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
0.00 ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11 % Budget p10e 8.9% 15.7% 23.6% 33.5% 43.6% 56.0% 67.9% 80.5% 92.0% 99.4% 100.0% 100.0%
Budget p10e 3,210,376 5,654,899 8,512,760 12,097,851 15,735,808 20,194,970 24,486,767 29,013,474 33,179,360 35,839,320 36,060,801 36,060,801 % Forecast f11a 6.2% 11.9% 19.4% 25.9% 33.6% 45.5% 58.0% 69.2% 78.2% 87.0% 93.2% 99.8%
f11b Acum 2,238,026 4,303,892 7,005,235 9,347,997 12,102,396 16,415,983 20,924,270 24,964,545 28,182,436 31,384,328 33,591,819 35,978,973
%Current Advance 6.2% 11.9% 19.4% 25.9% 33.6% 46.5% 60.4%
Actual 2,238,026 4,303,892 7,005,235 9,347,997 12,102,396 16,763,539 21,782,971 27,308,080

US$/Month Budget p10e vs f11a vs Actual

August - 2011
6,000.00 ETO YTD Variations per Fleet

ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 Total YTD Var
Variations p10e vs Actual
Thousands US$

CC210XX1 - Drilling - Maintenance 42,499 58,408 26,126 191,099 100,507 -58,347 -115,296 -86,419 158,575
4,000.00
CC230XX1 - Loading - Maintenance 286,875 47,049 -17,226 577,535 172,615 -228,596 -229,108 -315,108 294,036
CC240XX1 - Hauling - Maintenance 521,149 163,926 43,571 298,654 512,774 -158,447 -832,537 -561,376 -12,286
CC250XX1 - Mine Auxiliary Equipment - Maintenance 121,828 109,274 104,048 175,040 97,662 243,410 449,307 -35,499 1,265,069
Total variation 972,350 378,657 156,519 1,242,328 883,558 -201,980 -727,635 -998,402 1,705,395
2,000.00
Variations f11b vs Actual
CC210XX1 - Drilling - Maintenance -29,558 -75,697 -92,579 -197,834
CC230XX1 - Loading - Maintenance 5,377 42,076 -191,963 -144,510
CC240XX1 - Hauling - Maintenance -317,817 -372,449 -976,744 -1,667,011
0.00 ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
Budget p10e 3,210,376 2,444,524 2,857,861 3,585,091 3,637,957 4,459,163 4,291,796 4,526,708 4,165,886 2,659,960 221,481 0
CC250XX1 - Mine Auxiliary Equipment - Maintenance -5,559 -105,074 -223,549 -334,181
Forecast f11b 2,238,026 2,065,867 2,701,342 2,342,763 2,754,399 4,313,587 4,508,287 4,040,275 3,217,891 3,201,892 2,207,492 2,387,154 Total variation -347,557 -511,144 -1,484,834 -2,343,535
Actual 2,238,026 2,065,867 2,701,342 2,342,763 2,754,399 4,661,143 5,019,431 5,525,109

Page 3
Reporte Costos Agosto11-Manager Report V2.xlsx 12/09/2011

Assets Capitalization Cost Report Update August 2011

P10e Budget Comparison

Budget p10e Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
P10e Budget Actual Variations P10e Budget Actual Variations P10e Budget Actual Variations p10e Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Maintenance Cost 67,654,795 67,482,052 172,743 0% 10,182,864 8,960,873 1,221,992 12% 77,837,659 76,442,925 1,394,734 2% 114,155,527 68% 67% 1%
Labor Cost 17,814,572 20,654,171 -2,839,599 -16% 2,398,083 2,291,775 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
ETO Project -24,486,767 -21,782,971 -2,703,796 11% -4,526,708 -5,525,109 998,402 -22% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Component Capital -2,157,766 -16,802,857 14,645,092 -679% -482,174 -1,394,539 912,365 -189% -2,639,939 -18,197,396 15,557,457 -589% -4,598,530 57% 396% -338%
Total Mine Maintenance Cost 58,824,834 49,550,395 9,274,439 16% 7,572,066 4,333,000 2,949,670 39% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

f11b Forecast Comparison

Budget F11b Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Maintenance Cost 71,556,145 67,482,052 4,074,093 6% 10,819,271 8,960,873 1,858,398 17% 82,375,416 76,442,925 5,932,491 7% 123,674,161 67% 62% 5%
Labor Cost 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
ETO Project -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Component Capital -19,746,702 -16,802,857 -2,943,845 15% -2,698,589 -1,394,539 -1,304,050 48% -22,445,290 -18,197,396 -4,247,894 19% -33,088,772 68% 55% 13%
Total Mine Maintenance Cost 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Mine Maintenance Opex_ YTD Variation

August 2011
236,541
823,519

84,859

7,415
877,330
1,705,395

75,000,000
2,733,291

70,000,000

4,247,894
65,000,000

328,175
33,692
110,944

12,429
13,423
426,574
1,058,789
60,000,000
US$

-
2,343,535
15,557,457 -
66,396,900

1,911,075-

55,000,000
1,513,396 -

4,618,309

57,924,950
53,883,395

50,000,000

45,000,000

40,000,000
p10e Budget

Labor Cost

ETO Project

Drilling-Fleet

Support & Facilities

Mine Auxiliary-Fleet

Hauling-Fleet

Loading-Fleet

Hauling-Fleet

ETO Project

Loading-Fleet

Mine Auxiliary-Fleet

Support & Facilities

Labor Cost

Drilling-Fleet

f11b Forecast
Administration

Process-Mobil

Component Capital

ACTUAL

Administration

Process-Mobil

Component Capital
Equipment

Equipment

Assets Capitalization % Variation Budget p10e vs f11b vs Actual

Assets Capitalization_Budget p10e vs f11b vs Actual August -2011
August - 2011

40,000.00 800.00%
Thousands US$

700.00%

30,000.00 600.00%

500.00%

20,000.00 400.00%

300.00%

10,000.00 200.00%

100.00%

0.00 ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11 0.00% ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
Budget p10e 151,721 534,429 647,729 983,447 1,284,403 1,806,013 2,157,766 2,639,939 2,902,910 3,265,346 3,636,271 4,598,530
% Budget p10e 3.3% 11.6% 14.1% 21.4% 27.9% 39.3% 46.9% 57.4% 63.1% 71.0% 79.1% 100.0%
f11b Acum 135,157 1,325,190 2,863,002 6,142,863 11,113,252 15,427,700 19,746,702 22,445,290 25,156,205 28,122,846 29,770,584 33,088,772 % Forecast f11b 2.9% 28.8% 62.3% 133.6% 241.7% 335.5% 429.4% 488.1% 547.0% 611.6% 647.4% 719.6%
Actual 135,157 1,325,190 2,863,002 6,142,863 11,113,252 14,855,160 16,802,857 20,544,765 %Current Advance 2.9% 28.8% 62.3% 133.6% 241.7% 323.0% 365.4% 446.8%

Assets capitalization Budget p10e vs f11a vs Actual

August - 2011

6,000.00

YTD Variations per Fleet

Total YTD Var

Thousands US$

ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11

4,000.00
Variations p10e vs Actual
CC210XX1 - Drilling - Maintenance -141,850 113,300 154,500 -117,750 8,201
CC230XX1 - Loading - Maintenance 69,969 -195,022 -129,561 -170,225 -167,356 -44,475 55,342 -36,292 -617,619
CC240XX1 - Hauling - Maintenance -53,405 -470,454 -1,239,223 -2,928,418 -3,343,450 -3,076,429 -1,629,127 -599,881 -13,340,386
CC250XX1 - Mine Support Equipment - Maintenance -169,028 -1,158,628 18,357 -22,161 -276,192 -1,607,652
2,000.00
Total variation 16,564 -807,326 -1,424,512 -2,944,143 -4,669,434 -3,220,297 -1,595,945 -912,365 -15,557,457

Variations f11a vs Actual

CC210XX1 - Drilling - Maintenance -117,750 -117,750
CC230XX1 - Loading - Maintenance -44,475 160,803 387,886 504,214
0.00
ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
CC240XX1 - Hauling - Maintenance 937,063 1,889,500 809,318 3,635,881
Budget p10e 151,721 382,708 113,300 335,718 300,956 521,611 351,752 482,174 262,970 362,436 370,925 962,259
Forecast f11b 135,157 1,190,033 1,537,812 3,279,861 4,970,389 4,314,447 4,319,002 2,698,589 2,710,915 2,966,641 1,647,738 3,318,188 CC250XX1 - Mine Support Equipment - Maintenance -202,298 321,001 106,846 225,549
Actual 135,157 1,190,033 1,537,812 3,279,861 4,970,389 3,741,908 1,947,697 3,741,908 Total variation 572,539 2,371,305 1,304,050 4,247,894

Page 4
Reporte Costos Agosto11-Manager Report V2.xlsx 12/09/2011

Hauling Summary Opex Cost Report Update August 2011

P10e Budget Comparison
Budget p10e Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
P10e Budget Actual Variations P10e Budget Actual Variations P10e Budget Actual Variations p10e Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense
Sub-total Labor 17,814,572 20,654,171 -2,839,599 -16% 2,547,267 2,730,355 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
Sub-total Materials 22,262,019 26,022,904 -3,760,885 -17% 3,163,156 3,796,220 -633,064 -20% 26,190,862 30,449,151 -4,258,288 -16% 38,394,189 68% 79% -11%
Sub-total Contract Services 39,760,780 24,373,183 15,387,596 39% 6,557,400 3,134,210 3,423,190 52% 45,064,780 27,513,270 17,551,510 39% 62,749,923 72% 44% 28%
Sub-total Others 3,474,230 283,108 3,191,123 92% 943,029 88,621 854,408 91% 3,942,077 283,108 3,658,970 93% 8,412,885 47% 3% 43%
Sub-Total Allocations (ETO) -24,486,767 -21,782,971 -2,703,796 11% -4,291,796 -5,019,431 727,635 -17% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Total 58,824,834 49,550,395 9,274,439 16% 7,995,303 4,729,975 3,265,328 41% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

Summary by Fleet-Mine Maintenance

Administration 864,679 939,478 -74,799 -9% 128,993 139,053 -10,060 -8% 993,672 1,078,532 -84,859 -9% 1,526,592 65% 71% -6%
Support & Facilities 4,826,911 5,335,521 -508,610 -11% 577,915 892,824 -314,909 -54% 5,404,825 6,228,345 -823,519 -15% 7,980,406 68% 78% -10%
Drilling-Fleet 3,614,935 4,390,291 -775,355 -21% 421,652 523,627 -101,975 -24% 4,036,588 4,913,918 -877,330 -22% 5,973,087 68% 82% -15%
Loading-Fleet 14,608,290 13,879,272 729,017 5% 2,251,597 1,467,218 784,378 35% 16,859,886 15,346,491 1,513,396 9% 25,617,407 66% 60% 6%
Hauling-Fleet 33,214,321 32,424,267 790,054 2% 5,457,914 4,336,893 1,121,021 21% 38,672,235 36,761,160 1,911,075 5% 55,711,223 69% 66% 3%
Mine Auxiliary-Fleet 10,076,111 9,958,119 117,992 1% 1,195,229 1,549,763 -354,534 -30% 11,271,340 11,507,882 -236,541 -2% 16,487,656 68% 70% -1%
Process-Mobil Equipment 449,548 555,033 -105,486 -23% 149,565 51,494 98,071 66% 599,112 606,527 -7,415 -1% 859,157 70% 71% -1%
Maintenance Cost 67,654,795 67,482,052 172,743 0% 10,182,864 8,960,873 1,221,992 12% 77,837,659 76,442,925 1,394,734 2% 114,155,527 68% 67% 1%
Labor Cost 17,814,572 20,654,171 -2,839,599 -16% 2,398,083 2,291,775 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
ETO Project -24,486,767 -21,782,971 -2,703,796 11% -4,526,708 -5,525,109 998,402 -22% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Component Capital -2,157,766 -16,802,857 14,645,092 -679% -482,174 -1,394,539 912,365 -189% -2,639,939 -18,197,396 15,557,457 -589% -4,598,530 57% 396% -338%
Total Mine Maintenance Cost 58,824,834 49,550,395 9,274,439 16% 7,572,066 4,333,000 2,949,670 39% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

f11b Forecast Comparison

Budget F11b Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense

Sub-total Labor 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
Sub-total Materials 26,852,019 26,022,904 829,115 3% 4,252,528 4,426,247 -173,718 -4% 31,104,548 30,449,151 655,397 2% 47,016,593 66% 65% 1%
Sub-total Contract Services 24,698,003 24,373,183 324,820 1% 3,773,992 3,140,087 633,905 17% 28,471,995 27,513,270 958,724 3% 43,006,753 66% 64% 2%
Sub-total Others 259,421 283,108 -23,686 -9% 94,162 94,162 100% 353,583 283,108 70,476 20% 562,043 63% 50% 13%
Sub-Total Allocations (ETO) -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Total 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Summary by Fleet-Mine Maintenance

Administration 948,654 939,478 9,176 1% 240,822 139,053 101,768 42% 1,189,476 1,078,532 110,944 9% 1,863,182 64% 58% 6%
Support & Facilities 5,364,168 5,335,521 28,647 1% 897,869 892,824 5,045 1% 6,262,036 6,228,345 33,692 1% 9,972,661 63% 62% 0%
Drilling-Fleet 4,040,900 4,390,291 -349,390 -9% 544,842 523,627 21,215 4% 4,585,743 4,913,918 -328,175 -7% 6,865,021 67% 72% -5%
Loading-Fleet 13,841,119 13,879,272 -38,154 0% 2,564,161 1,467,218 1,096,943 43% 16,405,280 15,346,491 1,058,789 6% 25,349,966 65% 61% 4%
Hauling-Fleet 36,503,993 32,424,267 4,079,726 11% 4,875,476 4,336,893 538,583 11% 41,379,469 36,761,160 4,618,309 11% 60,588,274 68% 61% 8%
Mine Auxiliary-Fleet 10,355,823 9,958,119 397,705 4% 1,578,633 1,549,763 28,870 2% 11,934,456 11,507,882 426,574 4% 18,030,975 66% 64% 2%
Process-Mobil Equipment 501,487 555,033 -53,546 -11% 117,469 51,494 65,975 56% 618,956 606,527 12,429 2% 1,004,083 62% 60% 1%
Maintenance Cost 71,556,145 67,482,052 4,074,093 6% 10,819,271 8,960,873 1,858,398 17% 82,375,416 76,442,925 5,932,491 7% 123,674,161 67% 62% 5%
Labor Cost 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
ETO Project -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Component Capital -19,746,702 -16,802,857 -2,943,845 15% -2,698,589 -1,394,539 -1,304,050 48% -22,445,290 -18,197,396 -4,247,894 19% -33,088,772 68% 55% 13%
Total Mine Maintenance Cost 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Mine Maintenance Opex_ YTD Variation

August 2011
236,541
823,519

84,859

7,415
877,330
1,705,395

75,000,000
2,733,291

70,000,000
4,247,894

65,000,000
328,175
33,692
110,944

12,429
13,423
426,574
1,058,789

60,000,000
US$

-
2,343,535
15,557,457 -
66,396,900

1,911,075-

55,000,000
1,513,396 -

4,618,309

57,924,950
53,883,395

50,000,000

45,000,000

40,000,000
p10e Budget

Labor Cost

ETO Project

Drilling-Fleet

Support & Facilities

Mine Auxiliary-Fleet

Hauling-Fleet

Loading-Fleet

Hauling-Fleet

ETO Project

Loading-Fleet

Mine Auxiliary-Fleet

Support & Facilities

Labor Cost

Drilling-Fleet

f11b Forecast
Administration

Process-Mobil

Component Capital

ACTUAL

Administration

Process-Mobil

Component Capital
Equipment

Equipment

US$/Month Hauling Budget p10e vs f11b vs Actual

US$ YTD Hauling Budget p10e vs f11b vs Actual August - 2011
August-2011
8,000.00
60,000.00

6,000.00
Thousands US$
Thousands US$

40,000.00

4,000.00

20,000.00
2,000.00

0.00
0.00 ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
Budget p10e 4,763,655 4,786,667 4,400,426 4,720,236 4,862,309 5,429,235 4,251,793 5,457,914 4,644,785 3,692,117 4,135,704 4,566,382
Budget p10e 4,763,655 9,550,322 13,950,748 18,670,984 23,533,293 28,962,528 33,214,321 38,672,235 43,317,020 47,009,137 51,144,841 55,711,223
f11b Acum 3,177,379 5,965,698 9,987,129 15,863,806 22,357,564 29,309,617 36,503,993 41,379,469 46,374,451 50,815,230 54,529,878 60,588,274
Forecast f11b 3,177,379 2,788,319 4,021,431 5,876,676 6,493,758 6,952,053 7,194,376 4,875,476 4,994,982 4,440,778 3,714,648 6,058,396
Actual 3,177,379 5,965,698 9,987,129 15,863,806 22,357,564 28,344,632 32,424,267 36,761,160 Actual 3,177,379 2,788,319 4,021,431 5,876,676 6,493,758 5,987,067 4,079,636 4,336,893

Page 5
Reporte Costos Agosto11-Manager Report V2.xlsx 12/09/2011

Loading Summary Opex Cost Report Update August 2011

P10e Budget Comparison
Budget p10e Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
P10e Budget Actual Variations P10e Budget Actual Variations P10e Budget Actual Variations p10e Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense
Sub-total Labor 17,814,572 20,654,171 -2,839,599 -16% 2,547,267 2,730,355 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
Sub-total Materials 22,262,019 26,022,904 -3,760,885 -17% 3,163,156 3,796,220 -633,064 -20% 26,190,862 30,449,151 -4,258,288 -16% 38,394,189 68% 79% -11%
Sub-total Contract Services 39,760,780 24,373,183 15,387,596 39% 6,557,400 3,134,210 3,423,190 52% 45,064,780 27,513,270 17,551,510 39% 62,749,923 72% 44% 28%
Sub-total Others 3,474,230 283,108 3,191,123 92% 943,029 88,621 854,408 91% 3,942,077 283,108 3,658,970 93% 8,412,885 47% 3% 43%
Sub-Total Allocations (ETO) -24,486,767 -21,782,971 -2,703,796 11% -4,291,796 -5,019,431 727,635 -17% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Total 58,824,834 49,550,395 9,274,439 16% 7,995,303 4,729,975 3,265,328 41% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

Summary by Fleet-Mine Maintenance

Administration 864,679 939,478 -74,799 -9% 128,993 139,053 -10,060 -8% 993,672 1,078,532 -84,859 -9% 1,526,592 65% 71% -6%
Support & Facilities 4,826,911 5,335,521 -508,610 -11% 577,915 892,824 -314,909 -54% 5,404,825 6,228,345 -823,519 -15% 7,980,406 68% 78% -10%
Drilling-Fleet 3,614,935 4,390,291 -775,355 -21% 421,652 523,627 -101,975 -24% 4,036,588 4,913,918 -877,330 -22% 5,973,087 68% 82% -15%
Loading-Fleet 14,608,290 13,879,272 729,017 5% 2,251,597 1,467,218 784,378 35% 16,859,886 15,346,491 1,513,396 9% 25,617,407 66% 60% 6%
Hauling-Fleet 33,214,321 32,424,267 790,054 2% 5,457,914 4,336,893 1,121,021 21% 38,672,235 36,761,160 1,911,075 5% 55,711,223 69% 66% 3%
Mine Auxiliary-Fleet 10,076,111 9,958,119 117,992 1% 1,195,229 1,549,763 -354,534 -30% 11,271,340 11,507,882 -236,541 -2% 16,487,656 68% 70% -1%
Process-Mobil Equipment 449,548 555,033 -105,486 -23% 149,565 51,494 98,071 66% 599,112 606,527 -7,415 -1% 859,157 70% 71% -1%
Maintenance Cost 67,654,795 67,482,052 172,743 0% 10,182,864 8,960,873 1,221,992 12% 77,837,659 76,442,925 1,394,734 2% 114,155,527 68% 67% 1%
Labor Cost 17,814,572 20,654,171 -2,839,599 -16% 2,398,083 2,291,775 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
ETO Project -24,486,767 -21,782,971 -2,703,796 11% -4,526,708 -5,525,109 998,402 -22% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Component Capital -2,157,766 -16,802,857 14,645,092 -679% -482,174 -1,394,539 912,365 -189% -2,639,939 -18,197,396 15,557,457 -589% -4,598,530 57% 396% -338%
Total Mine Maintenance Cost 58,824,834 49,550,395 9,274,439 16% 7,572,066 4,333,000 2,949,670 39% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

f11b Forecast Comparison

Budget F11b Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense

Sub-total Labor 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
Sub-total Materials 26,852,019 26,022,904 829,115 3% 4,252,528 4,426,247 -173,718 -4% 31,104,548 30,449,151 655,397 2% 47,016,593 66% 65% 1%
Sub-total Contract Services 24,698,003 24,373,183 324,820 1% 3,773,992 3,140,087 633,905 17% 28,471,995 27,513,270 958,724 3% 43,006,753 66% 64% 2%
Sub-total Others 259,421 283,108 -23,686 -9% 94,162 94,162 100% 353,583 283,108 70,476 20% 562,043 63% 50% 13%
Sub-Total Allocations (ETO) -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Total 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Summary by Fleet-Mine Maintenance

Administration 948,654 939,478 9,176 1% 240,822 139,053 101,768 42% 1,189,476 1,078,532 110,944 9% 1,863,182 64% 58% 6%
Support & Facilities 5,364,168 5,335,521 28,647 1% 897,869 892,824 5,045 1% 6,262,036 6,228,345 33,692 1% 9,972,661 63% 62% 0%
Drilling-Fleet 4,040,900 4,390,291 -349,390 -9% 544,842 523,627 21,215 4% 4,585,743 4,913,918 -328,175 -7% 6,865,021 67% 72% -5%
Loading-Fleet 13,841,119 13,879,272 -38,154 0% 2,564,161 1,467,218 1,096,943 43% 16,405,280 15,346,491 1,058,789 6% 25,349,966 65% 61% 4%
Hauling-Fleet 36,503,993 32,424,267 4,079,726 11% 4,875,476 4,336,893 538,583 11% 41,379,469 36,761,160 4,618,309 11% 60,588,274 68% 61% 8%
Mine Auxiliary-Fleet 10,355,823 9,958,119 397,705 4% 1,578,633 1,549,763 28,870 2% 11,934,456 11,507,882 426,574 4% 18,030,975 66% 64% 2%
Process-Mobil Equipment 501,487 555,033 -53,546 -11% 117,469 51,494 65,975 56% 618,956 606,527 12,429 2% 1,004,083 62% 60% 1%
Maintenance Cost 71,556,145 67,482,052 4,074,093 6% 10,819,271 8,960,873 1,858,398 17% 82,375,416 76,442,925 5,932,491 7% 123,674,161 67% 62% 5%
Labor Cost 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
ETO Project -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Component Capital -19,746,702 -16,802,857 -2,943,845 15% -2,698,589 -1,394,539 -1,304,050 48% -22,445,290 -18,197,396 -4,247,894 19% -33,088,772 68% 55% 13%
Total Mine Maintenance Cost 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Mine Maintenance Opex_ YTD Variation

August 2011
236,541
823,519

84,859

7,415
877,330
1,705,395

75,000,000
2,733,291

70,000,000
4,247,894

65,000,000
328,175
33,692
110,944

12,429
13,423
426,574
1,058,789

60,000,000
US$

-
2,343,535
15,557,457 -
66,396,900

1,911,075-

55,000,000
1,513,396 -

4,618,309

57,924,950
53,883,395

50,000,000

45,000,000

40,000,000
p10e Budget

Labor Cost

ETO Project

Drilling-Fleet

Support & Facilities

Mine Auxiliary-Fleet

Hauling-Fleet

Loading-Fleet

Hauling-Fleet

ETO Project

Loading-Fleet

Mine Auxiliary-Fleet

Support & Facilities

Labor Cost

Drilling-Fleet

f11b Forecast
Administration

Process-Mobil

Component Capital

ACTUAL

Administration

Process-Mobil

Component Capital
Equipment

Equipment

US$ YTD Loading Budget p10e vs f11b vs Actual US$/Month Loading Budget p10e vs f11b vs Actual
August-2011 August - 2011

30,000.00 3,000.00

27,000.00
2,500.00
Thousands US$

24,000.00
Thousands US$

21,000.00
2,000.00
18,000.00

15,000.00 1,500.00

12,000.00
1,000.00
9,000.00

6,000.00
500.00
3,000.00

0.00 0.00
ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11 ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
Budget p10e 2,449,183 4,280,218 6,249,873 8,298,852 10,440,95 12,455,76 14,608,29 16,859,88 19,607,40 21,366,84 23,611,20 25,617,40 Budget p10e 2,449,183 1,831,035 1,969,656 2,048,979 2,142,101 2,014,810 2,152,526 2,251,597 2,747,518 1,759,439 2,244,359 2,006,203
f11b Acum 1,869,446 3,930,762 5,742,253 7,744,620 10,013,05 10,861,06 13,841,11 16,405,28 18,684,30 21,019,49 23,040,41 25,349,96 Forecast f11b 1,869,446 2,061,316 1,811,491 2,002,367 2,268,436 848,005 2,980,058 2,564,161 2,279,023 2,335,194 2,020,916 2,309,553
Actual 1,869,446 3,930,762 5,742,253 7,574,395 9,842,831 12,044,13 13,709,04 15,176,26 Actual 1,869,446 2,061,316 1,811,491 1,832,142 2,268,436 2,201,299 1,664,918 1,467,218

Page 6
Reporte Costos Agosto11-Manager Report V2.xlsx 12/09/2011

Drilling Summary Opex Cost Report Update August 2011

P10e Budget Comparison
Budget p10e Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
P10e Budget Actual Variations P10e Budget Actual Variations P10e Budget Actual Variations p10e Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense
Sub-total Labor 17,814,572 20,654,171 -2,839,599 -16% 2,547,267 2,730,355 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
Sub-total Materials 22,262,019 26,022,904 -3,760,885 -17% 3,163,156 3,796,220 -633,064 -20% 26,190,862 30,449,151 -4,258,288 -16% 38,394,189 68% 79% -11%
Sub-total Contract Services 39,760,780 24,373,183 15,387,596 39% 6,557,400 3,134,210 3,423,190 52% 45,064,780 27,513,270 17,551,510 39% 62,749,923 72% 44% 28%
Sub-total Others 3,474,230 283,108 3,191,123 92% 943,029 88,621 854,408 91% 3,942,077 283,108 3,658,970 93% 8,412,885 47% 3% 43%
Sub-Total Allocations (ETO) -24,486,767 -21,782,971 -2,703,796 11% -4,291,796 -5,019,431 727,635 -17% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Total 58,824,834 49,550,395 9,274,439 16% 7,995,303 4,729,975 3,265,328 41% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

Summary by Fleet-Mine Maintenance

Administration 864,679 939,478 -74,799 -9% 128,993 139,053 -10,060 -8% 993,672 1,078,532 -84,859 -9% 1,526,592 65% 71% -6%
Support & Facilities 4,826,911 5,335,521 -508,610 -11% 577,915 892,824 -314,909 -54% 5,404,825 6,228,345 -823,519 -15% 7,980,406 68% 78% -10%
Drilling-Fleet 3,614,935 4,390,291 -775,355 -21% 421,652 523,627 -101,975 -24% 4,036,588 4,913,918 -877,330 -22% 5,973,087 68% 82% -15%
Loading-Fleet 14,608,290 13,879,272 729,017 5% 2,251,597 1,467,218 784,378 35% 16,859,886 15,346,491 1,513,396 9% 25,617,407 66% 60% 6%
Hauling-Fleet 33,214,321 32,424,267 790,054 2% 5,457,914 4,336,893 1,121,021 21% 38,672,235 36,761,160 1,911,075 5% 55,711,223 69% 66% 3%
Mine Auxiliary-Fleet 10,076,111 9,958,119 117,992 1% 1,195,229 1,549,763 -354,534 -30% 11,271,340 11,507,882 -236,541 -2% 16,487,656 68% 70% -1%
Process-Mobil Equipment 449,548 555,033 -105,486 -23% 149,565 51,494 98,071 66% 599,112 606,527 -7,415 -1% 859,157 70% 71% -1%
Maintenance Cost 67,654,795 67,482,052 172,743 0% 10,182,864 8,960,873 1,221,992 12% 77,837,659 76,442,925 1,394,734 2% 114,155,527 68% 67% 1%
Labor Cost 17,814,572 20,654,171 -2,839,599 -16% 2,398,083 2,291,775 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
ETO Project -24,486,767 -21,782,971 -2,703,796 11% -4,526,708 -5,525,109 998,402 -22% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Component Capital -2,157,766 -16,802,857 14,645,092 -679% -482,174 -1,394,539 912,365 -189% -2,639,939 -18,197,396 15,557,457 -589% -4,598,530 57% 396% -338%
Total Mine Maintenance Cost 58,824,834 49,550,395 9,274,439 16% 7,572,066 4,333,000 2,949,670 39% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

f11b Forecast Comparison

Budget F11b Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense

Sub-total Labor 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
Sub-total Materials 26,852,019 26,022,904 829,115 3% 4,252,528 4,426,247 -173,718 -4% 31,104,548 30,449,151 655,397 2% 47,016,593 66% 65% 1%
Sub-total Contract Services 24,698,003 24,373,183 324,820 1% 3,773,992 3,140,087 633,905 17% 28,471,995 27,513,270 958,724 3% 43,006,753 66% 64% 2%
Sub-total Others 259,421 283,108 -23,686 -9% 94,162 94,162 100% 353,583 283,108 70,476 20% 562,043 63% 50% 13%
Sub-Total Allocations (ETO) -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Total 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Summary by Fleet-Mine Maintenance

Administration 948,654 939,478 9,176 1% 240,822 139,053 101,768 42% 1,189,476 1,078,532 110,944 9% 1,863,182 64% 58% 6%
Support & Facilities 5,364,168 5,335,521 28,647 1% 897,869 892,824 5,045 1% 6,262,036 6,228,345 33,692 1% 9,972,661 63% 62% 0%
Drilling-Fleet 4,040,900 4,390,291 -349,390 -9% 544,842 523,627 21,215 4% 4,585,743 4,913,918 -328,175 -7% 6,865,021 67% 72% -5%
Loading-Fleet 13,841,119 13,879,272 -38,154 0% 2,564,161 1,467,218 1,096,943 43% 16,405,280 15,346,491 1,058,789 6% 25,349,966 65% 61% 4%
Hauling-Fleet 36,503,993 32,424,267 4,079,726 11% 4,875,476 4,336,893 538,583 11% 41,379,469 36,761,160 4,618,309 11% 60,588,274 68% 61% 8%
Mine Auxiliary-Fleet 10,355,823 9,958,119 397,705 4% 1,578,633 1,549,763 28,870 2% 11,934,456 11,507,882 426,574 4% 18,030,975 66% 64% 2%
Process-Mobil Equipment 501,487 555,033 -53,546 -11% 117,469 51,494 65,975 56% 618,956 606,527 12,429 2% 1,004,083 62% 60% 1%
Maintenance Cost 71,556,145 67,482,052 4,074,093 6% 10,819,271 8,960,873 1,858,398 17% 82,375,416 76,442,925 5,932,491 7% 123,674,161 67% 62% 5%
Labor Cost 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
ETO Project -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Component Capital -19,746,702 -16,802,857 -2,943,845 15% -2,698,589 -1,394,539 -1,304,050 48% -22,445,290 -18,197,396 -4,247,894 19% -33,088,772 68% 55% 13%
Total Mine Maintenance Cost 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Mine Maintenance Opex_ YTD Variation

August 2011
236,541
823,519

84,859

7,415
877,330
1,705,395

75,000,000
2,733,291

70,000,000
4,247,894

65,000,000
328,175
33,692
110,944

12,429
13,423
426,574
1,058,789

60,000,000
US$

-
2,343,535
15,557,457 -
66,396,900

1,911,075-

55,000,000
1,513,396 -

4,618,309

57,924,950
53,883,395

50,000,000

45,000,000

40,000,000
p10e Budget

Labor Cost

ETO Project

Drilling-Fleet

Support & Facilities

Mine Auxiliary-Fleet

Hauling-Fleet

Loading-Fleet

Hauling-Fleet

ETO Project

Loading-Fleet

Mine Auxiliary-Fleet

Support & Facilities

Labor Cost

Drilling-Fleet

f11b Forecast
Administration

Process-Mobil

Component Capital

ACTUAL

Administration

Process-Mobil

Component Capital
Equipment

Equipment

US$ YTD Drilling Budget p10e vs f11b vs Actual US$/Month Drilling Budget p10e vs f11b vs Actual
August-2011 August - 2011
1,000.00
7,000.00

6,000.00 800.00
Thousands US$
Thousands US$

5,000.00
600.00
4,000.00

3,000.00 400.00

2,000.00
200.00

1,000.00

0.00
0.00 ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
Budget p10e 494,365 435,157 643,579 808,126 509,610 419,880 304,218 421,652 359,940 663,608 485,579 427,373
Budget p10e 494,365 929,522 1,573,101 2,381,227 2,890,837 3,310,717 3,614,935 4,036,588 4,396,527 5,060,135 5,545,713 5,973,087
f11b Acum 838,890 1,237,273 1,861,207 2,423,833 3,028,818 3,398,813 4,040,900 4,585,743 5,262,208 5,758,281 6,336,810 6,865,021 Forecast f11b 838,890 398,383 623,933 562,626 604,985 369,995 642,088 544,842 676,465 496,073 578,530 528,210
Actual 838,890 1,237,273 1,861,207 2,423,833 3,028,818 3,709,895 4,390,291 4,913,918 Actual 838,890 398,383 623,933 562,626 604,985 681,077 680,396 523,627

Page 7
Reporte Costos Agosto11-Manager Report V2.xlsx 12/09/2011

Auxiliary Summary Opex Cost Report Update August 2011

P10e Budget Comparison
Budget p10e Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
P10e Budget Actual Variations P10e Budget Actual Variations P10e Budget Actual Variations p10e Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense
Sub-total Labor 17,814,572 20,654,171 -2,839,599 -16% 2,547,267 2,730,355 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
Sub-total Materials 22,262,019 26,022,904 -3,760,885 -17% 3,163,156 3,796,220 -633,064 -20% 26,190,862 30,449,151 -4,258,288 -16% 38,394,189 68% 79% -11%
Sub-total Contract Services 39,760,780 24,373,183 15,387,596 39% 6,557,400 3,134,210 3,423,190 52% 45,064,780 27,513,270 17,551,510 39% 62,749,923 72% 44% 28%
Sub-total Others 3,474,230 283,108 3,191,123 92% 943,029 88,621 854,408 91% 3,942,077 283,108 3,658,970 93% 8,412,885 47% 3% 43%
Sub-Total Allocations (ETO) -24,486,767 -21,782,971 -2,703,796 11% -4,291,796 -5,019,431 727,635 -17% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Total 58,824,834 49,550,395 9,274,439 16% 7,995,303 4,729,975 3,265,328 41% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

Summary by Fleet-Mine Maintenance

Administration 864,679 939,478 -74,799 -9% 128,993 139,053 -10,060 -8% 993,672 1,078,532 -84,859 -9% 1,526,592 65% 71% -6%
Support & Facilities 4,826,911 5,335,521 -508,610 -11% 577,915 892,824 -314,909 -54% 5,404,825 6,228,345 -823,519 -15% 7,980,406 68% 78% -10%
Drilling-Fleet 3,614,935 4,390,291 -775,355 -21% 421,652 523,627 -101,975 -24% 4,036,588 4,913,918 -877,330 -22% 5,973,087 68% 82% -15%
Loading-Fleet 14,608,290 13,879,272 729,017 5% 2,251,597 1,467,218 784,378 35% 16,859,886 15,346,491 1,513,396 9% 25,617,407 66% 60% 6%
Hauling-Fleet 33,214,321 32,424,267 790,054 2% 5,457,914 4,336,893 1,121,021 21% 38,672,235 36,761,160 1,911,075 5% 55,711,223 69% 66% 3%
Mine Auxiliary-Fleet 10,076,111 9,958,119 117,992 1% 1,195,229 1,549,763 -354,534 -30% 11,271,340 11,507,882 -236,541 -2% 16,487,656 68% 70% -1%
Process-Mobil Equipment 449,548 555,033 -105,486 -23% 149,565 51,494 98,071 66% 599,112 606,527 -7,415 -1% 859,157 70% 71% -1%
Maintenance Cost 67,654,795 67,482,052 172,743 0% 10,182,864 8,960,873 1,221,992 12% 77,837,659 76,442,925 1,394,734 2% 114,155,527 68% 67% 1%
Labor Cost 17,814,572 20,654,171 -2,839,599 -16% 2,398,083 2,291,775 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
ETO Project -24,486,767 -21,782,971 -2,703,796 11% -4,526,708 -5,525,109 998,402 -22% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Component Capital -2,157,766 -16,802,857 14,645,092 -679% -482,174 -1,394,539 912,365 -189% -2,639,939 -18,197,396 15,557,457 -589% -4,598,530 57% 396% -338%
Total Mine Maintenance Cost 58,824,834 49,550,395 9,274,439 16% 7,572,066 4,333,000 2,949,670 39% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

f11b Forecast Comparison

Budget F11b Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense

Sub-total Labor 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
Sub-total Materials 26,852,019 26,022,904 829,115 3% 4,252,528 4,426,247 -173,718 -4% 31,104,548 30,449,151 655,397 2% 47,016,593 66% 65% 1%
Sub-total Contract Services 24,698,003 24,373,183 324,820 1% 3,773,992 3,140,087 633,905 17% 28,471,995 27,513,270 958,724 3% 43,006,753 66% 64% 2%
Sub-total Others 259,421 283,108 -23,686 -9% 94,162 94,162 100% 353,583 283,108 70,476 20% 562,043 63% 50% 13%
Sub-Total Allocations (ETO) -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Total 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Summary by Fleet-Mine Maintenance

Administration 948,654 939,478 9,176 1% 240,822 139,053 101,768 42% 1,189,476 1,078,532 110,944 9% 1,863,182 64% 58% 6%
Support & Facilities 5,364,168 5,335,521 28,647 1% 897,869 892,824 5,045 1% 6,262,036 6,228,345 33,692 1% 9,972,661 63% 62% 0%
Drilling-Fleet 4,040,900 4,390,291 -349,390 -9% 544,842 523,627 21,215 4% 4,585,743 4,913,918 -328,175 -7% 6,865,021 67% 72% -5%
Loading-Fleet 13,841,119 13,879,272 -38,154 0% 2,564,161 1,467,218 1,096,943 43% 16,405,280 15,346,491 1,058,789 6% 25,349,966 65% 61% 4%
Hauling-Fleet 36,503,993 32,424,267 4,079,726 11% 4,875,476 4,336,893 538,583 11% 41,379,469 36,761,160 4,618,309 11% 60,588,274 68% 61% 8%
Mine Auxiliary-Fleet 10,355,823 9,958,119 397,705 4% 1,578,633 1,549,763 28,870 2% 11,934,456 11,507,882 426,574 4% 18,030,975 66% 64% 2%
Process-Mobil Equipment 501,487 555,033 -53,546 -11% 117,469 51,494 65,975 56% 618,956 606,527 12,429 2% 1,004,083 62% 60% 1%
Maintenance Cost 71,556,145 67,482,052 4,074,093 6% 10,819,271 8,960,873 1,858,398 17% 82,375,416 76,442,925 5,932,491 7% 123,674,161 67% 62% 5%
Labor Cost 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
ETO Project -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Component Capital -19,746,702 -16,802,857 -2,943,845 15% -2,698,589 -1,394,539 -1,304,050 48% -22,445,290 -18,197,396 -4,247,894 19% -33,088,772 68% 55% 13%
Total Mine Maintenance Cost 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Mine Maintenance Opex_ YTD Variation

August 2011
236,541
823,519

84,859

7,415
877,330
1,705,395

75,000,000
2,733,291

70,000,000
4,247,894

65,000,000
328,175
33,692
110,944

12,429
13,423
426,574
1,058,789

60,000,000
US$

-
2,343,535
15,557,457 -
66,396,900

1,911,075-

55,000,000
1,513,396 -

4,618,309

57,924,950
53,883,395

50,000,000

45,000,000

40,000,000
p10e Budget

Labor Cost

ETO Project

Drilling-Fleet

Support & Facilities

Mine Auxiliary-Fleet

Hauling-Fleet

Loading-Fleet

Hauling-Fleet

ETO Project

Loading-Fleet

Mine Auxiliary-Fleet

Support & Facilities

Labor Cost

Drilling-Fleet

f11b Forecast
Administration

Process-Mobil

Component Capital

ACTUAL

Administration

Process-Mobil

Component Capital
Equipment

Equipment

US$ YTD Auxiliary Budget p10e vs f11b vs Actual US$/Month Auxiliary Budget p10e vs f11b vs Actual
August -2011 August - 2011

2,400.00

18,000.00
2,000.00
Thousands US$

15,000.00
Thousands US$

1,600.00
12,000.00

1,200.00
9,000.00

800.00
6,000.00

400.00
3,000.00

0.00 0.00 ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
Budget p10e 1,635,740 2,894,988 4,232,137 5,601,111 6,624,050 8,252,621 10,076,111 11,271,340 12,499,070 13,844,741 15,053,653 16,487,656 Budget p10e 1,635,740 1,259,247 1,337,149 1,368,974 1,022,940 1,628,571 1,823,490 1,195,229 1,227,730 1,345,671 1,208,911 1,434,003
f11b Acum 1,019,766 1,945,772 3,448,124 4,811,585 6,700,010 7,179,765 10,355,823 11,934,456 13,652,525 15,333,035 16,779,832 18,030,975 Forecast f11b 1,019,766 926,005 1,502,352 1,363,461 1,888,425 479,755 3,176,058 1,578,633 1,718,069 1,680,510 1,446,797 1,251,143
Actual 1,019,766 1,945,772 3,448,124 4,981,809 6,870,235 8,707,188 10,128,343 11,678,106 Actual 1,019,766 926,005 1,502,352 1,533,686 1,888,425 1,836,954 1,421,155 1,549,763

Page 8
Reporte Costos Agosto11-Manager Report V2.xlsx 12/09/2011

Support & Facilities Summary Opex Cost Report Update August 2011

P10e Budget Comparison

Budget p10e Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
P10e Budget Actual Variations P10e Budget Actual Variations P10e Budget Actual Variations p10e Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense
Sub-total Labor 17,814,572 20,654,171 -2,839,599 -16% 2,547,267 2,730,355 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
Sub-total Materials 22,262,019 26,022,904 -3,760,885 -17% 3,163,156 3,796,220 -633,064 -20% 26,190,862 30,449,151 -4,258,288 -16% 38,394,189 68% 79% -11%
Sub-total Contract Services 39,760,780 24,373,183 15,387,596 39% 6,557,400 3,134,210 3,423,190 52% 45,064,780 27,513,270 17,551,510 39% 62,749,923 72% 44% 28%
Sub-total Others 3,474,230 283,108 3,191,123 92% 943,029 88,621 854,408 91% 3,942,077 283,108 3,658,970 93% 8,412,885 47% 3% 43%
Sub-Total Allocations (ETO) -24,486,767 -21,782,971 -2,703,796 11% -4,291,796 -5,019,431 727,635 -17% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Total 58,824,834 49,550,395 9,274,439 16% 7,995,303 4,729,975 3,265,328 41% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

Summary by Fleet-Mine Maintenance

Administration 864,679 939,478 -74,799 -9% 128,993 139,053 -10,060 -8% 993,672 1,078,532 -84,859 -9% 1,526,592 65% 71% -6%
Support & Facilities 4,826,911 5,335,521 -508,610 -11% 577,915 892,824 -314,909 -54% 5,404,825 6,228,345 -823,519 -15% 7,980,406 68% 78% -10%
Drilling-Fleet 3,614,935 4,390,291 -775,355 -21% 421,652 523,627 -101,975 -24% 4,036,588 4,913,918 -877,330 -22% 5,973,087 68% 82% -15%
Loading-Fleet 14,608,290 13,879,272 729,017 5% 2,251,597 1,467,218 784,378 35% 16,859,886 15,346,491 1,513,396 9% 25,617,407 66% 60% 6%
Hauling-Fleet 33,214,321 32,424,267 790,054 2% 5,457,914 4,336,893 1,121,021 21% 38,672,235 36,761,160 1,911,075 5% 55,711,223 69% 66% 3%
Mine Auxiliary-Fleet 10,076,111 9,958,119 117,992 1% 1,195,229 1,549,763 -354,534 -30% 11,271,340 11,507,882 -236,541 -2% 16,487,656 68% 70% -1%
Process-Mobil Equipment 449,548 555,033 -105,486 -23% 149,565 51,494 98,071 66% 599,112 606,527 -7,415 -1% 859,157 70% 71% -1%
Maintenance Cost 67,654,795 67,482,052 172,743 0% 10,182,864 8,960,873 1,221,992 12% 77,837,659 76,442,925 1,394,734 2% 114,155,527 68% 67% 1%
Labor Cost 17,814,572 20,654,171 -2,839,599 -16% 2,398,083 2,291,775 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
ETO Project -24,486,767 -21,782,971 -2,703,796 11% -4,526,708 -5,525,109 998,402 -22% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Component Capital -2,157,766 -16,802,857 14,645,092 -679% -482,174 -1,394,539 912,365 -189% -2,639,939 -18,197,396 15,557,457 -589% -4,598,530 57% 396% -338%
Total Mine Maintenance Cost 58,824,834 49,550,395 9,274,439 16% 7,572,066 4,333,000 2,949,670 39% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

f11b Forecast Comparison

Budget F11b Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense

Sub-total Labor 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
Sub-total Materials 26,852,019 26,022,904 829,115 3% 4,252,528 4,426,247 -173,718 -4% 31,104,548 30,449,151 655,397 2% 47,016,593 66% 65% 1%
Sub-total Contract Services 24,698,003 24,373,183 324,820 1% 3,773,992 3,140,087 633,905 17% 28,471,995 27,513,270 958,724 3% 43,006,753 66% 64% 2%
Sub-total Others 259,421 283,108 -23,686 -9% 94,162 94,162 100% 353,583 283,108 70,476 20% 562,043 63% 50% 13%
Sub-Total Allocations (ETO) -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Total 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Summary by Fleet-Mine Maintenance

Administration 948,654 939,478 9,176 1% 240,822 139,053 101,768 42% 1,189,476 1,078,532 110,944 9% 1,863,182 64% 58% 6%
Support & Facilities 5,364,168 5,335,521 28,647 1% 897,869 892,824 5,045 1% 6,262,036 6,228,345 33,692 1% 9,972,661 63% 62% 0%
Drilling-Fleet 4,040,900 4,390,291 -349,390 -9% 544,842 523,627 21,215 4% 4,585,743 4,913,918 -328,175 -7% 6,865,021 67% 72% -5%
Loading-Fleet 13,841,119 13,879,272 -38,154 0% 2,564,161 1,467,218 1,096,943 43% 16,405,280 15,346,491 1,058,789 6% 25,349,966 65% 61% 4%
Hauling-Fleet 36,503,993 32,424,267 4,079,726 11% 4,875,476 4,336,893 538,583 11% 41,379,469 36,761,160 4,618,309 11% 60,588,274 68% 61% 8%
Mine Auxiliary-Fleet 10,355,823 9,958,119 397,705 4% 1,578,633 1,549,763 28,870 2% 11,934,456 11,507,882 426,574 4% 18,030,975 66% 64% 2%
Process-Mobil Equipment 501,487 555,033 -53,546 -11% 117,469 51,494 65,975 56% 618,956 606,527 12,429 2% 1,004,083 62% 60% 1%
Maintenance Cost 71,556,145 67,482,052 4,074,093 6% 10,819,271 8,960,873 1,858,398 17% 82,375,416 76,442,925 5,932,491 7% 123,674,161 67% 62% 5%
Labor Cost 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
ETO Project -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Component Capital -19,746,702 -16,802,857 -2,943,845 15% -2,698,589 -1,394,539 -1,304,050 48% -22,445,290 -18,197,396 -4,247,894 19% -33,088,772 68% 55% 13%
Total Mine Maintenance Cost 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Mine Maintenance Opex_ YTD Variation

August 2011
236,541
823,519

84,859

7,415
877,330
1,705,395

75,000,000
2,733,291

70,000,000
4,247,894

65,000,000
328,175
33,692
110,944

12,429
13,423
426,574
1,058,789

60,000,000
US$

-
2,343,535
15,557,457 -
66,396,900

1,911,075-

55,000,000
1,513,396 -

4,618,309

57,924,950
53,883,395

50,000,000

45,000,000

40,000,000
p10e Budget

Labor Cost

ETO Project

Drilling-Fleet

Support & Facilities

Mine Auxiliary-Fleet

Hauling-Fleet

Loading-Fleet

Hauling-Fleet

ETO Project

Loading-Fleet

Mine Auxiliary-Fleet

Support & Facilities

Labor Cost

Drilling-Fleet

f11b Forecast
Administration

Process-Mobil

Component Capital

ACTUAL

Administration

Process-Mobil

Component Capital
Equipment

Equipment

U$ YTD Support & Facilities Budget p10e vs f11b vs Actual US$/Month Support & Facilitites Budget p10e vs f11b vs Actual
August-2011 August - 2011
10,000.00 1,200.00

1,000.00
8,000.00
Thousands US$

800.00
Thousands US$

6,000.00

600.00

4,000.00
400.00

2,000.00 200.00

0.00
0.00 ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
Budget p10e 672,298 1,366,552 2,071,361 2,850,014 3,481,636 4,178,998 4,826,911 5,404,825 6,028,520 6,709,463 7,342,547 7,980,406 Budget p10e 672,298 694,253 704,809 778,652 631,623 697,361 647,913 577,915 623,695 680,943 633,084 637,858
f11b Acum 591,615 1,275,647 2,110,293 2,903,438 3,792,152 4,551,245 5,364,168 6,262,036 7,071,787 8,220,311 9,167,547 9,972,661 Forecast f11b 591,615 684,033 834,645 793,146 888,714 759,093 812,923 897,869 809,751 1,148,524 947,237 805,114
Actual 591,615 1,275,647 2,110,293 2,903,438 3,792,152 4,515,888 5,335,521 6,228,345 Actual 591,615 684,033 834,645 793,146 888,714 723,736 819,632 892,824

Page 9
Reporte Costos Agosto11-Manager Report V2.xlsx 12/09/2011

Administration Summary Opex Cost Report Update August 2011

P10e Budget Comparison

Budget p10e Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
P10e Budget Actual Variations P10e Budget Actual Variations P10e Budget Actual Variations p10e Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense
Sub-total Labor 17,814,572 20,654,171 -2,839,599 -16% 2,547,267 2,730,355 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
Sub-total Materials 22,262,019 26,022,904 -3,760,885 -17% 3,163,156 3,796,220 -633,064 -20% 26,190,862 30,449,151 -4,258,288 -16% 38,394,189 68% 79% -11%
Sub-total Contract Services 39,760,780 24,373,183 15,387,596 39% 6,557,400 3,134,210 3,423,190 52% 45,064,780 27,513,270 17,551,510 39% 62,749,923 72% 44% 28%
Sub-total Others 3,474,230 283,108 3,191,123 92% 943,029 88,621 854,408 91% 3,942,077 283,108 3,658,970 93% 8,412,885 47% 3% 43%
Sub-Total Allocations (ETO) -24,486,767 -21,782,971 -2,703,796 11% -4,291,796 -5,019,431 727,635 -17% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Total 58,824,834 49,550,395 9,274,439 16% 7,995,303 4,729,975 3,265,328 41% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

Summary by Fleet-Mine Maintenance

Administration 864,679 939,478 -74,799 -9% 128,993 139,053 -10,060 -8% 993,672 1,078,532 -84,859 -9% 1,526,592 65% 71% -6%
Support & Facilities 4,826,911 5,335,521 -508,610 -11% 577,915 892,824 -314,909 -54% 5,404,825 6,228,345 -823,519 -15% 7,980,406 68% 78% -10%
Drilling-Fleet 3,614,935 4,390,291 -775,355 -21% 421,652 523,627 -101,975 -24% 4,036,588 4,913,918 -877,330 -22% 5,973,087 68% 82% -15%
Loading-Fleet 14,608,290 13,879,272 729,017 5% 2,251,597 1,467,218 784,378 35% 16,859,886 15,346,491 1,513,396 9% 25,617,407 66% 60% 6%
Hauling-Fleet 33,214,321 32,424,267 790,054 2% 5,457,914 4,336,893 1,121,021 21% 38,672,235 36,761,160 1,911,075 5% 55,711,223 69% 66% 3%
Mine Auxiliary-Fleet 10,076,111 9,958,119 117,992 1% 1,195,229 1,549,763 -354,534 -30% 11,271,340 11,507,882 -236,541 -2% 16,487,656 68% 70% -1%
Process-Mobil Equipment 449,548 555,033 -105,486 -23% 149,565 51,494 98,071 66% 599,112 606,527 -7,415 -1% 859,157 70% 71% -1%
Maintenance Cost 67,654,795 67,482,052 172,743 0% 10,182,864 8,960,873 1,221,992 12% 77,837,659 76,442,925 1,394,734 2% 114,155,527 68% 67% 1%
Labor Cost 17,814,572 20,654,171 -2,839,599 -16% 2,398,083 2,291,775 -183,088 -7% 20,212,655 22,945,946 -2,733,291 -14% 35,127,134 58% 65% -8%
ETO Project -24,486,767 -21,782,971 -2,703,796 11% -4,526,708 -5,525,109 998,402 -22% -29,013,474 -27,308,080 -1,705,395 6% -36,060,801 80% 76% 5%
Component Capital -2,157,766 -16,802,857 14,645,092 -679% -482,174 -1,394,539 912,365 -189% -2,639,939 -18,197,396 15,557,457 -589% -4,598,530 57% 396% -338%
Total Mine Maintenance Cost 58,824,834 49,550,395 9,274,439 16% 7,572,066 4,333,000 2,949,670 39% 66,396,900 53,883,395 12,513,505 19% 108,623,330 61% 50% 12%

f11b Forecast Comparison

Budget F11b Until Last Month Current Month YTD 2011-August 2011 Budget p10e Advance
Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Actual Variations Forecast f11b Percentage
Jan-Jul Jan-Jul US$ % ago-11 ago-11 US$ % ago-11 ago-11 US$ % 2011 Year Total Program Actual Variation
Summary by Expense

Sub-total Labor 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
Sub-total Materials 26,852,019 26,022,904 829,115 3% 4,252,528 4,426,247 -173,718 -4% 31,104,548 30,449,151 655,397 2% 47,016,593 66% 65% 1%
Sub-total Contract Services 24,698,003 24,373,183 324,820 1% 3,773,992 3,140,087 633,905 17% 28,471,995 27,513,270 958,724 3% 43,006,753 66% 64% 2%
Sub-total Others 259,421 283,108 -23,686 -9% 94,162 94,162 100% 353,583 283,108 70,476 20% 562,043 63% 50% 13%
Sub-Total Allocations (ETO) -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Total 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Summary by Fleet-Mine Maintenance

Administration 948,654 939,478 9,176 1% 240,822 139,053 101,768 42% 1,189,476 1,078,532 110,944 9% 1,863,182 64% 58% 6%
Support & Facilities 5,364,168 5,335,521 28,647 1% 897,869 892,824 5,045 1% 6,262,036 6,228,345 33,692 1% 9,972,661 63% 62% 0%
Drilling-Fleet 4,040,900 4,390,291 -349,390 -9% 544,842 523,627 21,215 4% 4,585,743 4,913,918 -328,175 -7% 6,865,021 67% 72% -5%
Loading-Fleet 13,841,119 13,879,272 -38,154 0% 2,564,161 1,467,218 1,096,943 43% 16,405,280 15,346,491 1,058,789 6% 25,349,966 65% 61% 4%
Hauling-Fleet 36,503,993 32,424,267 4,079,726 11% 4,875,476 4,336,893 538,583 11% 41,379,469 36,761,160 4,618,309 11% 60,588,274 68% 61% 8%
Mine Auxiliary-Fleet 10,355,823 9,958,119 397,705 4% 1,578,633 1,549,763 28,870 2% 11,934,456 11,507,882 426,574 4% 18,030,975 66% 64% 2%
Process-Mobil Equipment 501,487 555,033 -53,546 -11% 117,469 51,494 65,975 56% 618,956 606,527 12,429 2% 1,004,083 62% 60% 1%
Maintenance Cost 71,556,145 67,482,052 4,074,093 6% 10,819,271 8,960,873 1,858,398 17% 82,375,416 76,442,925 5,932,491 7% 123,674,161 67% 62% 5%
Labor Cost 20,557,227 20,654,171 -96,944 0% 2,402,142 2,291,775 110,367 5% 22,959,369 22,945,946 13,423 0% 33,493,477 69% 69% 0%
ETO Project -20,924,270 -21,782,971 858,701 -4% -4,040,275 -5,525,109 1,484,834 -37% -24,964,545 -27,308,080 2,343,535 -9% -35,978,973 69% 76% -7%
Component Capital -19,746,702 -16,802,857 -2,943,845 15% -2,698,589 -1,394,539 -1,304,050 48% -22,445,290 -18,197,396 -4,247,894 19% -33,088,772 68% 55% 13%
Total Mine Maintenance Cost 51,442,400 49,550,395 1,892,005 4% 6,482,550 4,333,000 2,149,550 33% 57,924,950 53,883,395 4,041,555 7% 88,099,893 66% 61% 5%

Mine Maintenance Opex_ YTD Variation

August 2011
236,541
823,519

84,859

7,415
877,330
1,705,395

75,000,000
2,733,291

70,000,000
4,247,894

65,000,000
328,175
33,692
110,944

12,429
13,423
426,574
1,058,789

60,000,000
US$

-
2,343,535
15,557,457 -
66,396,900

1,911,075-

55,000,000
1,513,396 -

4,618,309

57,924,950
53,883,395

50,000,000

45,000,000

40,000,000
p10e Budget

Labor Cost

ETO Project

Drilling-Fleet

Support & Facilities

Mine Auxiliary-Fleet

Hauling-Fleet

Loading-Fleet

Hauling-Fleet

ETO Project

Loading-Fleet

Mine Auxiliary-Fleet

Support & Facilities

Labor Cost

Drilling-Fleet

f11b Forecast
Administration

Process-Mobil

Component Capital

ACTUAL

Administration

Process-Mobil

Component Capital
Equipment

Equipment

US$ YTD Administration Budget p10e vs f11b vs Actual US$/Month Administration Budget p10e vs f11b vs Actual
August-2011 August - 2011
2,000.00 400.00

1,500.00 300.00
Thousands US$

Thousands US$

1,000.00
200.00

100.00
500.00

0.00
0.00 ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11
ene-11 feb-11 mar-11 abr-11 may-11 jun-11 jul-11 ago-11 sep-11 oct-11 nov-11 dic-11 Budget p10e 63,093 65,291 191,967 71,674 64,867 323,470 84,318 128,993 129,601 100,023 64,867 238,429
Budget p10e 63,093 128,384 320,350 392,024 456,891 780,361 864,679 993,672 1,123,273 1,223,296 1,288,163 1,526,592
Forecast f11b 152,558 74,061 185,311 129,865 97,410 152,436 157,013 240,822 152,094 200,757 148,241 172,615
f11b Acum 152,558 226,619 411,930 541,796 639,205 791,642 948,654 1,189,476 1,341,569 1,542,326 1,690,567 1,863,182
Actual 152,558 74,061 185,311 129,865 97,410 169,742 130,532 139,053
Actual 152,558 226,619 411,930 541,796 639,205 808,947 939,478 1,078,532

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